My mortgage refinance was officially funded today! Not looking for advice, just wanted to share the breakdown of the numbers to show my good fortune.

I purchased my home in December 2018 for $220,000 and closed on the refinance in January 2021 with my appraisal at $365,000 due to home improvements (solar panels and updating bathroom and kitchen, about $55,000 total) and increased value in my area.

I was able to roll my mortgage (4.88%), 2nd mortgage (5%), and solar panels home improvement loan (4.59%) into my new mortgage (2.625%).

Total of these debts went from $242,532 to $252,850 (about $10,318 in closing costs which I did not pay directly and were also rolled into the mortgage.)

My monthly payment of these three loans combined was $1,795. My monthly payment of the new mortgage is $1,250 which frees up $545 to apply to higher-interest debts and savings goals.

Just looking at the three affected debts if I were to pay their minimums for the life of the loans, it would have cost $160,196 in interest. If I were to pay the minimum on the new mortgage for the life of the loan, it would cost $110,911.

In reality, with all of my debts (including student loans, car loan, care credit, ect.) and current avalanche-method repayment plan factored in, this refinance saves me $37,071 in interest between now and my current debt free date.

My pre-refinance debt-free date with my current repayment plan was August 2032. My new refinance debt-free date is November 2031.